Financing your small business
Rajasri CPA1315 Lawrence Ave E Unit 401 Toronto ON 416-425-0088
Rajasri CPA in Toronto has helped many clients to develop a solid business plan and access the financial resources to back their venture.
Some new businesses require minimal start-up costs and can be managed by tapping into personal savings or assets. Financing your own business saves you from having to pitch your idea to an investor, but it does involve an element of risk, especially if you are investing your life savings and the business doesn't succeed. You may feel it is worth the risk if you have equity or assets that you can afford to lose, such as increasing the mortgage on your home.
Many new businesses are able to get help through grants, especially if their business activity fits into a sector that the government or non-profits are trying to encourage, such as innovation. An accountant will be familiar with the various programs, partnerships and grants that are available.
Small business loans are usually the least expensive route to acquire funding when a new business has significant start-up costs. The interest rates are comparatively low compared to other financing options, and the risk to your personal finances is minimal, depending on the legal structure of your business. It will require you to develop a detailed business plan.
Some new businesses are financed based on presale. This is ideal because you know you have a product or service that is in high demand and the money is already in the bank.
The Internet has opened up many other options for financing new businesses. One example is crowdfunding, where people can pitch their ideas to the public through designated platforms and ask for donations to reach their capital goals. Crowdfunding is not right for every product or service, but generally ones that appeal to the public on a practical, innovative or romantic level do well.
There are many sources available to finance your small business. Contact Rajasri CPA at 416-425-0088, or visit the office at 1315 Lawrence Avenue East, Unit 401, for help in pursuing your small business dream.